PETALING JAYA: The Covid-19 pandemic has greatly affected the traditional art scene and non-fungible tokens (NFTs) have become a lifeline for most artists, says Malaysian graffiti artist Katun.

       Katun, whose real name is Abdul Hafiz Abdul Rahman, said the movement control order (MCO) implemented several times since the pandemic began in 2020 had led to more people surfing the Internet, which was how NFTs gained traction among Malaysians.

       The MCO, aimed at curbing the spread of Covid-19, had caused art galleries to close and reopen several times throughout the pandemic.

       “It (NFTs) seemed like a fun and interactive way to engage with communities and artists, as well as people with similar interests.

       “There was something out there for everyone and I think that resonated deeply with a lot of people,” Katun told The Star.

       He said NFTs provided an alternative option for artists to continue pursuing their craft while building a fanbase and income.

       “The royalties help to expand an artist’s craft and give it added value,” he added.

       Katun reportedly made RM1.6mil in 24 hours after selling two NFT collections in August last year.

       The artist believes the NFT “hype” will not be fleeting in Malaysia, noting the astounding growth of the NFT scene in the previous year.

       “Times are changing. I believe it will only be a matter of time before any brand or company that isn’t taking part in this evolution does so.

       “The growth and adaptation will be astronomical in the coming years,” he added.

       Katun said he looked forward to witnessing how NFTs change people’s perspectives as it was also a means of encouraging artists to continuously create amazing work.

       “I see the next phase of NFTs being implemented into games as a big focal point, as well as brands that want to merge digital and physical assets to create their mark in the digital space,” he added.

       Phosus Limited, the sister company to Inmagine, a creative technology company that has built NFT projects, intends to build the world’s largest digital art museum through its Pixlr Genesis project.

       Inmagine group chief executive officer (interim) Warren Leow said public reception to Pixlr Genesis had been building over time.

       “The goal is to invest in it further to empower communities,” he said, adding that NFTs had allowed new products and experiences to be created around digital communities.

       “It is a new revenue stream for artists. The artist places the item for sale on a blockchain platform and can even attach a royalty agreement to the NFT so that they are compensated each time the piece is sold.“There will be more business models around royalty management, community building and engagement, access to new derivative products and services and even linkages to the upcoming metaverses being built,” he added.

       The biggest challenge for Leow in the NFT scene, he said, would be growing the community.

       “There are plenty of NFTs coming out daily. It’s easy to get drowned in the noise, but we actively engage with the community to build greater awareness and credibility.

       “The response has been positive due to the novelty of creating a movement while NFTs are still nascent,” he added.